Family-managed firms take actions to protect their reputations. We theorize that one such action involves avoiding corporate political activity (CPA) that expose firms to social attack, especially when also invested in corporate social responsibility. Because large firms are frequent targets for social attack, the same sensitivity that encourages most family managers to avoid CPA encourages it among the largest as a buffer. Supportive analysis of Standard and Poor’s 500 firms shows that family-managed firms spend, on average, 86% less on CPA, even less when invested in substantive corporate social responsibility. The largest invest as much or more in CPA as nonfamily peers.

中文翻译：

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企业政治活动和对社会攻击的敏感性：以家族企业为例

家族管理的公司采取行动保护他们的声誉。我们认为，此类行动之一涉及避免使公司遭受社会攻击的公司政治活动 (CPA)，尤其是在投资于公司社会责任时。由于大公司经常成为社会攻击的目标，鼓励大多数家族经理避免注册会计师的相同敏感性也鼓励它成为最大的缓冲。对标准普尔 500 强公司的支持性分析表明，家族管理的公司在注册会计师上的支出平均减少 86%，在投资于实质性的企业社会责任时甚至更少。最大的投资与非家族同行一样多或更多。